Van Gundy held a 31-28 record in the postseason with the Magic, but failed to advance past the first round each of the last two seasons.

"The disappointment of getting eliminated in the first round of the playoffs these past two seasons played a primary role in our decision," Magic CEO Alex Martins said.

Regardless, it's a safe bet that teams with coaching vacancies will be in hot pursuit of Van Gundy. As ESPN.com's Marc Stein wrote Monday, Van Gundy is too "highly regarded to stay unemployed for long." Brian Schmitz of the Orlando Sentinel writes that those close to Van Gundy say he may not be too eager to jump right back into coaching with another franchise next season. Should the Trail Blazers pursue Stan Van Gundy?
"Van Gundy is leaning toward sitting it out and living life in sandals," Schmitz writes. "But he'll be in demand."